Bitcoin tops $120,000.
Bitcoin crossed the $120,000 level for the first time on Monday, marking a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.
Bitcoin scaled a record high of $122,571.19, before pulling back slightly to last trade 2.4% higher at $121,952.61.
Later in the day, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.
Those demands have resonated with U.S. President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.
“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.
Euro dips, dollar gains.
The euro fell to a three-week low early on Monday while the dollar made slight gains after U.S. President Donald Trump threatened to impose a 30% tariff on imports from two of the largest U.S. trading partners beginning August 1.
In cryptocurrencies, bitcoin scaled a record high and surpassed the $120,000 mark, as investors bet on long-sought policy wins for the industry this week.
The world’s largest cryptocurrency last traded 2.6% higher at $122,248.59, while ether gained 2% to $3,052.
Trump on Saturday announced the latest tariffs in separate letters to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum that were posted on his Truth Social media site.
Both the European Union and Mexico described the tariffs as unfair and disruptive, while the EU said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement.
The single currency later regained some ground and last traded 0.13% lower at $1.1676.
Asia stocks skittish amid Trump tariff jitters.
Most Asian stocks kept to a tight range on Monday as investors digested the announcement of even more trade tariffs by U.S. President Donald Trump, while Chinese markets advanced on positive trade data for June.
Wall Street futures fell in Asian trade, after Trump over the weekend announced 30% tariffs on Mexico and the European Union, effective August 1.
The announcement capped off a week of Trump outlining steep tariffs against several major U.S. trading partners, which rattled sentiment and pulled Wall Street from record highs. S&P 500 Futures fell nearly 0.5% in Asian trade on Monday.
China stocks rise on strong trade data; GDP on tap
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 0.2% and 0.4%, respectively, while Hong Kong’s Hang Seng added 0.5%.
China’s trade balance grew more than expected in June, customs data showed on Monday, buoyed chiefly by a recovery in export growth. This came after Beijing and Washington agreed to slash their respective trade tariffs earlier in the year.
June’s trade data pointed to sustained strength in the Chinese economy through the second quarter, setting the stage for a potentially positive second-quarter gross domestic product print on Tuesday.
But trade data showed China’s imports grew less than expected in June, suggesting that local demand still remained weak. Such a trend could draw out more stimulus measures from Beijing.
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